Sen. Nyako Proposes a Way Out of the Recession
Wed, September, 28th 2016
Abuja, F.C.T- In his interview at the AIT program - Kakaaki, Senator Nyako of Adamawa Central, presented clear initiatives on steps that the Federal Government must take in its’ plan to stop the economic destabilization and refocus its’ policies in a meaningful direction. To get our economy on track, there has to be a holistic Economic Relief - immediate action to stop economic deterioration, Recovery - transitional programs to restore consumer confidence, and Reform - permanent programs and policy reforms ensuring we avoid this in the future.
In respect to Relief, there has to be a capital injection into the system for low income families to affect the lives of about 20 Million Nigerians at the grassroots. A Tax relief to verifiable SME’s that employ at least 10 Nigerians, and a single digit interest rate loan made available through the banks to the SME’s without a cumbersome process. With such steps in a timely manner, the world and Nigerians will understand that measures are being taken without politicization.
While speaking on the African Development Bank’s Support, he stated that the government must reprioritize its budget, consider judicious use of its savings, explore the option of borrowing with caution, before considering leasing/selling of National Assets.
Lastly, he stated, “It is of great importance that the Ministry of Finance and the Central Bank, synergize to produce policies that will stimulate the economy”. Reformative actions must be taken to move us from a consumer-driven economy to a production-based economy, letting the government focus on regulation of the private sector.